Electronic Home Locks Market to Incur High Value Growth at 16.1% CAGR from 2019 to 2025
The global electronic home locks market size is anticipated to reach USD 952.4 million by 2025 registering a CAGR of 16.1%, according to a new report by Grand View Research, Inc. High demand for home automation and advanced security technologies, such as electronics home locks, is expected to be the key factors driving the market. Rising construction activities in developed countries including U.S., Germany, U.K., and France are also expected to assist in growth of this market.
Moreover, integration of innovative technologies, such as Near-Field Communication (NFC), Bluetooth, and voice and face recognition, is expected to boost the product demand. Key companies in the market are focusing on the development of advanced products to gain a competitive edge. For instance, ASSA ABLOY AB introduced a range of electronic locking solutions that features technologies, such as NFC.North America was the dominant regional market in 2018 and is estimated to retain its leading position throughout the forecast period.
The growth is attributed to the rapid expansion of the construction industry, especially in residential sector, in the region. However, Asia Pacific is projected to witness the fastest growth over the forecast period due to high demand for advanced security solutions. The product demand is driven by the increasing residential construction activities, trend of home automation, and disposable income levels in the region. In addition, rising number of branded retail outlets, especially in India and China, is anticipated to contribute to the market in growth.
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Further key findings from the study suggest:
- Electronics lever locks product segment held the largest market share in 2018 and is estimated to witness the fastest growth over the forecast period due to rising trend of home automation for better security
- Moreover, lever locks are easy to install and are equipped with advanced features, such as data storage and adding and deleting users remotely
- Offline distribution channel was the leading segment in 2018. However, the online segment is anticipated to expand at the fastest CAGR of 18.0% from 2019 to 2025
- Increasing usage of smartphones and exposure to digital media, especially in developing countries like India and China, are expected to augment the products sales through online channels
- Prominent companies in the electronic home locks market are ASSA ABLOY AB; Allegion plc.; Samsung Group; Spectrum Brands, Inc.; Honeywell International Inc.; Nuki Home Solutions; August Home, Inc.; The Godrej Group; Avent Security; and Security Door Controls (SDC)
Grand View Research has segmented the global electronic home locks market on the basis of product type, distribution channel, and region:
Electronic Home Locks Product Type Outlook (Revenue, USD Million, 2015 – 2025)
- Deadbolts and Latches
- Lever Locks
Electronic Home Locks Distribution Channel Outlook (Revenue, USD Million, 2015 – 2025)
Electronic Home Locks Regional Outlook (Revenue, USD Million, 2015 – 2025)
- North America
- Asia Pacific
- Central & South America
- Middle East & Africa
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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